Gold Breakout Today (4/1/10) - Long Term

P

PaulRon

Trendline broke + resistance broke + bullish elliott wave count = I'm long

attachment.php
 

Attachments

Anemic volume. Not very convincing, certainly not as high probability as September '09 push. Doesn't mean it won't melt up.

GLDvolanemic2010-04-01_100435.gif
 
I agree that previous setup was beautiful, with a nice pop out of the triangle. I've outlined the reasons why I went long, so it's up to you decide if they're good enough.
 
I agree and hope that gold will break out from here. I've been in my current long GLD position for a few months now and I've been upside down in the trade almost the entire time (entry $117).

I don't normally hold losers that long, but gold has just been consolidating this entire time, even with US$ going up, so I haven't seen anything on the charts to make me think gold isn't still a good buy.
 
Quote from clacy:

I agree and hope that gold will break out from here. I've been in my current long GLD position for a few months now and I've been upside down in the trade almost the entire time (entry $117).

I don't normally hold losers that long, but gold has just been consolidating this entire time, even with US$ going up, so I haven't seen anything on the charts to make me think gold isn't still a good buy.
More...

Have you considered selling calls against that long? You could have probably broken even from the garnered premium all that time.

"hope" - four letter word my friend.
 
Gold is obviously an excellent buy for the long term, but the chart doesn't make any sense to me right now.

However, I wonder isn't anyone bothered that gold is obviously so strongly correlated with oil?
 
You must log in or register to reply here.
Back
Top